How do I negotiate insurance settlement for my totaled 1992 Cadillac Eldorado convertible?
12/17/16 PLEASE READ & RESPOND. Thank you :-) My 1992 Cadillac
Eldorado Droptop does not have Northstar. I am the third owner, and
misplaced the original receipt, which was approximately $32,800. Cadillac
corp told me 550 were converted by Coachmen. Of those,100 were
white.Coachmen emblem on back, right side. Since 2013 post, I have a
new Coachmen top, new interior leather, and have maintained mint
mechanical condition - original paint. My Problem: A huge SUV backed into
it - pushing in the front end over 1" - caused cracks in RT & LT Mahogany
trim plates - true damage will not be determined until bumper is removed
(bent brackets? damaged shock absorbers?...) - most replacements parts
were not able to be located by the insurance estimator (R&I bumper assy,
bumper cover w.o fog lamps, RT & LT impacts strips outer - incomplete
estimate is $2437. The car is drivable. ***Please advise. I have over
$23,000 invested. How do I negotiate with insurance company???
If they repair it and its not OEM do not sign to accept it until you are satisfied. Take it to an expert to declare it the Coachman conversion. And/Or Do not talk to them directly and let a lawyer do that for you. If needed sur because they want to force you to accept parts and labor not OEM or Qualified professional that does coachman conversions. Notice the word accept from last sentence you have the choice to or not to accept what they want you to. They will try everything they can to force you to accept less. Think straight and not upset at the possible loss or damage done and be justified, calm and direct and get you investment corrected. This is what it is and this is what it will stay and it will be perfectly repaired without any off brand parts.
It will probably be declared a salvage vehicle. See this definition "In North America, a salvage title is a form of vehicle title branding, which notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it. The criteria for determining when a salvage title is issued differ considerably by each state, province or territory."
You'll need to have the vehicle appraised by a classic car appraisal company. You'll also need documentation proving the rarity of the vehicle. Using your vehicle identification number (VIN) you may be able to get such documentation from Cadillac Division of General Motors. Also contact Allied Vaughn. They have a website. If your VIN is available you can get a copy of the original factory to dealer invoice for your car. The only problem with all of this is the car is 25 years old. If you were using it as your daily driver I doubt you can claim it's a classic or special interest car that commands a premium monetary insurance settlement. They're going to look at it as a 25 year old car, total it, and give you book value on it. Which will probably be about $500 at best. HTH. -Jim
BTW, what a vehicle sold for new has absolutely no bearing on it's value 25 years later. -Jim
You could also try to keep it and sell parts from it too get back a few extra bucks or even go through the long uphill process to get it retitled for the road again. Like everybody said 25 year old but get a expert appraiser.
This should have been insured through a specialty company such as Hagerty. If you can find similar vehicles selling or have recently sold for a certain price sometimes this will persuade an insurance company to up the settlement price. You may as suggested above need to get an attorney involved. Insurance companies around my area would look up the retail price on KBB and add the sales tax and cut a check less the deductible. This of course will not help you and your specialty car in the slightest. You may have to sue the other driver personally to get your money.
Js08016 Jim is exactly correct.. you are out of luck and should have planned better. I'm sorry, but, you're NOT going to get the full amount of money you think your car is worth.
Bob- sure, he can try doing this, BUT....The problem is the depreciated value won't be as much as he has invested.
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